Can A Cosigner Insure The Car

When you co sign on a car you can be held responsible for whatever happens to it.

Can a cosigner insure the car. When you co sign on a car for someone that means that you are legally obligating yourself to the finance company and in the event that the primary signer on the loan cannot pay the finance company can pursue you for the full amount of the vehicle. Both issues would be solved if you are listed on the policy so again if you are a co signer we strongly recommend that you be on the auto insurance policy for that car. If the primary signer does not maintain insurance the co signer joins the primary signer in being financially responsible for any property damage and or personal injury caused by the vehicle. Asked jun 21 2016 by anonymous.

Share on fb share on tw share on li. If the primary borrower defaults or cannot pay the co signer must then take up the slack. A co signer loan is an arrangement where one person backs another s car loan application for approval. It is important as a co signer to make sure that the proper insurance is on the car though because of being on the paperwork for the car you can be responsible for what happens with the car.

The credit history of both parties is at risk in case of a default. If you cosign your son s car you are not required to be on the vehicle s auto insurance policy because as a cosigner you are only involved in the financing part of the transaction and do not need insurance coverage especially if you do not drive the car regularly. The legal obligations of a co signer are not limited to the finance company. Can i get insurance under co signer s name.

A co signer may not necessarily have to be on the insurance policy for the vehicle that the loan was taken out on. Both people are responsible for paying the lender for the loan. If the car is owned and insured by a parent does the adult child need to get insurance if they no longer live at home. A co signer doesn t have to be on the insurance policy for the car unless he she is named on the title having a co signer does not affect your auto insurance rates when you co sign for someone you become partly responsible for financing the auto loan but there are so many questions.

We just bought a used car but the guy put my name as the buyer on the title but we were going to the car under my father s insurance since i have an accident record on my name. I have my own personal insurance for my own car but i want to deliver pizzas for domino s. Can the co signer insure a car.